52. Banking arrangement
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(1) For the purposes of this section —
“banking arrangements” means a commitment to extend credit, to issue a letter of credit or other credit or liquidity facility to purchase any obligation of or for the benefit of the Government or to extend other financial accommodation;
“the principles of a Treasury Single Account” includes the use of essential tools for consolidating and managing the cash resources of Government for minimizing borrowing costs.
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(2) The banking arrangement of the Government must reflect, to the extent possible, the principles of a Treasury Single Account, in which bank accounts of the Government are managed as one from a cash point of view, into which revenue is deposited and payment is made.
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(3) The Minister shall designate a bank with which the main bank account of the Government is established and shall authorize the opening of such bank accounts in domestic and foreign banks, whether or not located in Saint Lucia, as are essential in the opinion of the Accountant General, to act as transitory and transactional bank accounts to facilitate the collection of revenue or processing of payments.
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(4) A Government Agency shall not open a bank account with a financial institution, whether in or outside Saint Lucia, without the prior written authorization and direction of the Accountant General.
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(5) The Accountant General may —
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(a) prior to opening a bank account, assess the financial soundness of a bank that the Government intends to carry on business with;
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(b) where a Government Agency has a bank account, require information from the bank regarding the bank account;
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I close or change the details of a bank account.
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(6) The Accountant General shall ensure timely reconciliation of a bank account of the Government.